sebi:WTM/PS/30/IVD/ID-06/OCT/2011
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Facts / Headnote
Noticees found guilty of violating Regulation 4(b) and (c) of PFUTP Regulations read with Regulation 13(2); Dhody and 21st Century Media Works restrained from accessing securities market for six months; show cause notice against Pramukh disposed of without direction as it was struck off from ROC register
Provisions invoked
- s. 11B
Regulations
- Reg. 11
- Reg. 4(b)
- Reg. 13(2)
Parties
- Gajender Paul Dhody
- Pramukh Securities Pvt. Limited
- 21st Century Media Works
Holding
The noticees were found guilty of violating Regulation 4(b) and (c) of the PFUTP Regulations read with Regulation 13(2) of the 2003 Regulations for aiding and abetting Aushim in creating artificial volumes in the scrip of Orient through matched and reversal trades. Dhody and 21st Century Media Works were restrained from accessing the securities market for six months, while the SCN against Pramukh was disposed of without direction due to its strike-off status.
Full text
Page 2 of 7 period of investigation, the price of the scrip reduced from `13 as on July 01, 2002 to `3.45 as on October 28, 2002 at BSE.
Page 3 of 7 Regulations, 1995 (hereinafter referred to as ‘PFUTP Regulations’) read with Regulation 13(2) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003. Accordingly, the SCN called upon the noticees to show cause as to why appropriate action under Sections 11 and 11B of the SEBI Act, including restraining the noticees from accessing the securities market and prohibiting from buying, selling or otherwise dealing in securities for a particular period, should not be initiated against them.
Page 4 of 7 7. I have carefully considered the SCN, reply of Dhody and all the material available on record. The submissions of the noticees in brief are: - He had to recover money from Aushim. - All the transactions in the scrip were carried out on behalf of and at the behest of Aushim. - The noticees namely Pramukh and 21st Century Media Works ceased to exist and were wound up in the year 2003.
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Source: SecMarx — sebi:WTM/PS/30/IVD/ID-06/OCT/2011. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.